WASHINGTON (AP) The United States has never defaulted on its debt and Democrats and Republicans say they don't want it to happen now. But with partisan acrimony running at fever pitch, and Democrats and Republicans so far apart on how to tame the deficit, the unthinkable is suddenly being pondered.The government now borrows about 42 cents of every dollar it spends. Imagine that one day soon, the borrowing slams up against the current debt limit ceiling of $14.3 trillion and Congress fails to raise it. The damage would ripple across the entire economy, eventually affecting nearly every American, and rocking global markets in the process.A default would come if the government actually failed to fulfill a financial obligation, including repaying a loan or interest on that loan. The government borrows mostly by selling bonds to individuals and governments, with a promise to pay back the amount ...read more: http://www.google.com/hostednews/ap/article/ALeqM5jirYFVwn0fcyqiz-3xpL9N3TZL0w?docId=4d28a118fd5146c190bbef2e2c4b9ab3
_________________SI Moderator - Greg Gordon
IMF bombshell: Age of America nears endBy Brett Arends, MarketWatchBOSTON (MarketWatch) The International Monetary Fund has just dropped a bombshell, and nobody noticed.For the first time, the international organization has set a date for the moment when the Age of America will end and the U.S. economy will be overtaken by that of China.And its a lot closer than you may think.According to the latest IMF official forecasts, Chinas economy will surpass that of America in real terms in 2016 just five years from now.Put that in your calendar.......Most people arent prepared for this. They arent even aware its that close.Read more: http://www.marketwatch.com/story/imf-bombshell-age-of-america-about-to-end-2011-04-25?link=MW_home_latest_news
This is all Biblical,I will never ride the fear train,I rest in this scripture,my God shall supply all my needs according to his riches in glory by Christ Jesus.